Definitive Analysis
Definitive Analysis

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DocCheck AG (AJ91.DE)

Company Dividend Discount ModelIndustry: Medical - Healthcare Information ServicesSector: Healthcare

Valuation Snapshot

Stable Growth$62.06 - $296.27$135.32
Multi-Stage$34.67 - $37.84$36.22
Blended Fair Value$85.77
Current Price$8.35
Upside927.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.91%9.78%0.500.750.990.990.100.390.390.390.390.34
YoY Growth---33.06%-24.72%0.00%908.83%-75.00%0.00%0.00%0.00%14.29%75.00%
Dividend Yield--5.99%8.17%6.82%3.21%0.42%4.28%5.58%4.06%5.20%5.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7.55
(-) Cash Dividends Paid (M)6.33
(=) Cash Retained (M)1.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.510.940.57
Cash Retained (M)1.231.231.23
(-) Cash Required (M)-1.51-0.94-0.57
(=) Excess Retained (M)-0.280.280.66
(/) Shares Outstanding (M)5.075.075.07
(=) Excess Retained per Share-0.060.060.13
LTM Dividend per Share1.251.251.25
(+) Excess Retained per Share-0.060.060.13
(=) Adjusted Dividend1.191.301.38
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate5.50%6.50%7.50%
Fair Value$62.06$135.32$296.27
Upside / Downside643.27%1,520.59%3,448.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7.558.058.579.139.7210.3510.66
Payout Ratio83.74%84.99%86.24%87.50%88.75%90.00%92.50%
Projected Dividends (M)6.336.847.397.988.639.329.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)6.306.366.42
Year 2 PV (M)6.276.396.51
Year 3 PV (M)6.246.426.61
Year 4 PV (M)6.216.456.70
Year 5 PV (M)6.186.486.79
PV of Terminal Value (M)144.61151.59158.85
Equity Value (M)175.82183.70191.87
Shares Outstanding (M)5.075.075.07
Fair Value$34.67$36.22$37.84
Upside / Downside315.21%333.82%353.11%

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